A CHINESE party is understood to have been named as the preferred bidder in talks with AWB and Elders about the sale of the agribusiness groups' Hi-Fert joint venture.
The Australian Financial Review revealed yesterday that AWB, Elders and their advisers KPMG Corporate had selected a preferred party, although negotiations are expected to drag out until early next year.
Elders chief Malcolm Jackman said the delay was partly due to the preferred party wanting to have "principal to principal negotiations" with AWB's Gordon Davis and Jackman.
That's not quite as easy as it sounds with AWB's Gordon heading off to Cairo for a board meeting of Five Star Flour Mills (AWB is a major shareholder) and a chance to see a few customers.
Discussions with the Chinese party - said to be Wang-Fu - may also be delayed until approval from the Foreign Investment Review Board is granted. However, sources said there were other parties floating loosely around, including Koch Nitrogen and Agrium.
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